An insurance expert, Mr Frank O’Neil on Monday in Abuja, said that increase in insurance education would deepen insurance penetration in the country.
O’Neil said this while delivering a paper at the 2015 Insurance Mega Conference with the theme: ‘’Developing Insurance Business for National Growth”.
According to him, South Africa has the largest insurance penetration in the world; it is able to achieve this due to increase in the level of insurance education in the country.
O’Neil, who is the Chief Executive Officer, Swiss Re-Insurance, said that Nigeria could achieve increased insurance penetration if more education was done and the culture for insurance was changed in the country.
He said that the regulators had more to do on insurance awareness and payment of claims to encourage people to buy insurance products.
He explained that economic stability would go a long way to strengthen the demand for insurance in Nigeria.
He called on relevant authorities to ensure that the general population was informed on the need for insurance so that they could key into the available products.
Mr Olusola Ladipo -Ajayi, the Managing Director, LASACO Assurance Plc, called on the National Insurance Commission (NAICOM) to ensure effective monitoring on insurance defaulters.
Ladipo – Ajayi, while presenting a paper on “Regulation and Enforcement for Insurance Growth’’, said that the operators should focus on the overall interest of the industry and the nation.
He explained that a lot had to be done in the industry and NAICOM could not achieve them alone but with the support of all other regulators in the industry.
He urged all concerns to give in their support to drive the industry to where it was meant to be.
He urged NAICOM to balance its act of enforcement and ensure the use of capital requirements that would benefit all companies.